Shemaroo and Near Foundation join hands for Web3.0

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Mumbai: Indian media player Shemaroo Entertainment and Near Foundation, a Swiss non-profit organisation have announced a partnership for its Web3.0 initiatives. Near Foundation supports funding and ecosystem development on its open-source, climate-neutral blockchain NEAR.

Near Foundation-led ecosystem offers financial support, advice and networking to projects to help businesses grow. It has supported over 2000 projects with funding in excess of $120 million to different businesses.

Through this tie-up, Shemaroo plans to set up a Web3.0 innovation cell, which will focus on exploring possibilities of leveraging blockchain technology for decentralisation, transparency, and immutability in the media & entertainment industry.

Shemaroo will tap into Near Foundation’s scalable blockchain infrastructure and smart contract capabilities to develop new solutions and services for its users.

“We are excited to use Near Foundation to launch our innovation cell and explore the potential of blockchain technology to transform the entertainment industry,” said Hiren Gada, CEO of Shemaroo.

“We believe that blockchain technology has the potential to unlock new possibilities and create new revenue streams for the industry. With Near becoming a Blockchain Operating System (BOS), it also makes it very easy for us to adopt Web3 faster and reduce time to market for projects,” added Gada.

Near Foundation said its blockchain technology will enable Shemaroo to provide users with enhanced security, faster transactions and lower costs. This tie-up will also enable Shemaroo to explore new use cases for blockchain technology in areas such as content distribution, rights management and audience engagement.

“We are thrilled to partner with Shemaroo Entertainment to explore the potential of blockchain technology in the media and entertainment industry,” said Marieke Flament, CEO of the Near Foundation.

“With the support of Near, Shemaroo will benefit from a robust and infinitely scalable foundation that can help India’s premier entertainment company bring Web3 innovation to life and truly enhance the user experience,” added Flament.

In terms of innovation, Shemaroo aims to create new forms of digital content including NFTs and metaverse experiences, leveraging its huge volumes of content across formats and combining with blockchain technology from Near Foundation.

“The expertise and technological prowess of Near Foundation, combined with Shemaroo’s deep understanding of the entertainment industry, will create a unique synergy that can drive innovation and transform the industry’s landscape,” commented Rahul Mishra, Head – Web 3.0 initiatives, Shemaroo.

“With the advent of blockchain technology, we see an opportunity to reimagine the way media and entertainment is consumed, distributed and monetized. This partnership is a significant step in this direction, and we are excited to embark on this journey together,” added Mishra.

Arpit Sharma, MD (India, SEA & Middle East) of the Near Foundation believes the strategic partnership with Shemaroo marks a significant milestone for the media and entertainment industry.

“Through our collaboration, we aim to leverage our cutting-edge innovations in blockchain technology and Shemaroo’s extensive industry expertise to create new opportunities for consumers to engage with content,” said Arpit Sharma, MD – India, SEA and Middle East, Near Foundation.

In August 2022, Shemaroo announced a similar partnership with Seracle – a blockchain technology company to drive Web 3.0 initiatives.

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